Lucid Group (NASDAQ:LCID) Shares Down 1.6%

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 1.6% during trading on Wednesday . The company traded as low as $3.01 and last traded at $3.02. Approximately 4,622,155 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 32,092,877 shares. The stock had previously closed at $3.07.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on LCID shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday, August 6th. Citigroup reissued a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Cantor Fitzgerald raised Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 target price for the company in a research note on Tuesday, August 6th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Monday, July 8th. Finally, Stifel Nicolaus lowered their target price on Lucid Group from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.71.

Lucid Group Trading Down 1.3 %

The stock has a market cap of $7.27 billion, a price-to-earnings ratio of -2.48 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.12 and a current ratio of 4.66. The business has a 50-day simple moving average of $3.07 and a two-hundred day simple moving average of $2.97.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.02). The company had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The company’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.40) EPS. As a group, research analysts forecast that Lucid Group, Inc. will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently made changes to their positions in the stock. Treasurer of the State of North Carolina boosted its holdings in shares of Lucid Group by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock valued at $1,391,000 after buying an additional 3,230 shares during the last quarter. Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Lucid Group by 34.9% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after buying an additional 3,549 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Lucid Group by 6.0% in the 2nd quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock valued at $172,000 after buying an additional 3,715 shares during the last quarter. Heritage Wealth Advisors raised its stake in Lucid Group by 53.3% in the 1st quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock valued at $33,000 after acquiring an additional 4,000 shares during the period. Finally, Apollon Wealth Management LLC raised its stake in Lucid Group by 24.6% in the 4th quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after acquiring an additional 4,170 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.